Contested Aluminum 1974-D Lincoln Cent Returned to U.S. Mint

The U.S. Mint has obtained an extremely rare aluminum Lincoln cent struck at the Denver Mint in 1974.

The coin had been in the possession of Randall Lawrence, whose father Harry Lawrence served as Deputy Director of the Denver Mint until his retirement in 1979. Randall Lawrence inherited the coin after his father’s death and eventually sought to have it sold at auction in 2014.

Lawrence partnered with Michael McConnell of La Jolla Coin Shop in Southern California, and submitted the cent to PCGS for grading. It received a grade of MS-63 and was exhibited at the Long Beach Coin, Currency, Stamp & Sports Collectible Expo shortly afterward. According to Lawrence and McConnell, auction estimates for sale of the coin were as high as two million dollars.

Upon hearing news of the coin and its impending sale, the U.S. Mint requested that it issue be returned, as it was never authorized to be removed from the Denver facility. A Mint press release says that, “the United States Mint never issued, nor otherwise transferred title to any aluminum one-cent piece, and that indeed, lawful authority to issue them was never granted. Congress never divested the Government’s interest in the subject aluminum one-cent piece, and accordingly, it remained the rightful property of the Federal government.”

Lawrence responded that the coin had been given as a retirement gift to his father, and filed a lawsuit with McConnell seeking to establish lawful ownership of the coin.

Yesterday, a statement from the U.S. Attorney’s Office provided an update on the litigation, which came to a close as Lawrence made the decision to return the coin to the Mint. “By the terms of an agreement to end the litigation that they brought against the United States, Mr. Lawrence and Mr. McConnell have voluntarily relinquished all claims of ownership, legal title, or dominion over the 1974-D aluminum one-cent piece to the United States,” the release stated. “The piece was transferred to the custody and control of the United States Mint for its use and display as it may determine.”

The Mint’s Principal Deputy Director Rhett Jeppson said of the result, “The Mint is very pleased with the agreement, and we are very grateful to the U.S. Attorney’s Office in San Diego for its work and efforts in reaching this resolution. We look forward to displaying the coin appropriately as an important Mint heritage asset. This agreement is not only good for the integrity of the coin collecting hobby but for the integrity of the government property and rule of law.”

The aluminum cent was likely struck as part of a wider experiment carried out by the Mint in the 1970’s. Dr. Alan Goldman served as interim Mint Director around time the coins were minted and oversaw an aluminum cent project at the time. “I knew Harry Lawrence very well and he was a straight shooter,” he said in a deposition. “He would not have engineered this.”

La Jolla Coin Shop owner Michael McConnell first purchased the coin from the younger Lawrence for a modest price in 2013, thinking the cent was a merely struck on a foreign planchet. After PCGS confirmed it was an authentic 1974-D aluminum cent, however, McConnell felt compelled to get in touch with Lawrence and give him the news. “I wouldn’t be able to sleep without notifying him,” he said.

Now that the coin has been returned, Lawrence seems to have made peace with the outcome. “I know my father would be pleased that others will get to see and enjoy this rare piece in the U.S. Mint’s collection for years to come,” he said.

Tom Jurkowsky of the U.S. Mint told Coin World that the Mint is currently authenticating the coin and will confer on available options to display it in the future.

Coin Update is not a retail website. If you wish to buy a coin or banknote, you should contact a reputable dealer. One of our sponsors (see ads at right and top of page) may also have what you’re looking for, so be sure to check out their websites.

Per policy, we do not advise on the value, authenticity, or rarity of readers’ coins and banknotes. For this kind of assistance, you should contact a reputable dealer, preferably one who’s certified by the American Numismatic Association and/or the Professional Numismatists Guild.

Vulgar and/or abusive comments will not be tolerated. Nor will trolls.

Allegations of fraudulent or criminal activity against a named party, when said activity has not been proven in a court of law, will be removed.

Categories

More Recent Articles

Platinum coins rank among the greatest and most sought-after rarities of Russian numismatics. In their upcoming Berlin auction, auction house Künker will offer a complete set of said rarities of exceptional condition, which once belonged to Georgy Mikhailovich, arguably the most famous collector of Russian coins. On January 31, 2019, auction house Künker will hold […]

The Central Bank of Sri Lanka has unveiled (27th November) a new series of circulation coins with the face value of 10, five, two, and one rupee. The bank’s objectives for the production and issue of the new coins is aimed at reducing the cost of coin production, increasing the durability of coins, easing transport, […]

The coins will be released in January to celebrate the 50th anniversary of the moon landing. David J. Camire, NCS president and NGC finalizer, was among the dignitaries to attend the “First Strike” ceremony for the 2019 Apollo 11 commemorative coins. The ceremony was held at the U.S. Mint in Philadelphia on December 13, 2018. […]

Thomas “Tom” J. Uram has recently been appointed by Secretary of the Treasury Steven Mnuchin to succeed Mary N. Lannin as chair of the Citizens Coinage Advisory Committee (CCAC) for a term of one year. Lannin will continue to serve as an active member of the CCAC. Uram has been a committee member of the […]

On December 1, 2018, Gijsbertus Willem de Wit passed away. He was first and foremost known to numismatists because of his extensive collection of medieval coins, which was sold in three parts by the auction house Künker in 2007-2008. According to Bernd Kluge and his work on medieval numismatics, it is regarded as “the most […]

Tomorrow (December 18), the United States Mint releases the 2019 Year of the Pig $1 Federal Reserve note (B15050) at 12 noon (ET). 2019 is the Year of the Pig according to the Chinese zodiac, and the Mint’s 2019 $1 Uncirculated Federal Reserve note is contained within a decorative folder which emphasizes the occasion. The […]

This U.S. Mint numismatic sales report covers the week ending December 9, 2018. The Mint’s best-selling product this week was the 2018 U.S. Mint Proof Set (18RG), which sold 17,210 units. In second place was the 2018 U.S. Mint Silver Proof Set (18RH), which sold 9,224 units and was released on November 27. The third best-selling […]

The East India Company Bullion, in cooperation with the government and treasury of St. Helena, have issued (22nd November) a new Proof-quality gold coin collection, including some of the world’s most significant coins which opened new routes of trade and shaped international commerce. Following on the great success of the first “Empire Collection” gold coin set issued […]

15-year initiative celebrates the Nation’s significant innovations and pioneering spirit Washington — The United States Mint hosted a ribbon cutting ceremony today to kick off the American Innovation $1 Coin Program, a multi-year initiative honoring innovators and innovations from each state, the District of Columbia and five U.S. territories — Puerto Rico, Guam, American Samoa, […]

Description of the Coin The blank in the shape of a gecko bears a round collector’s mark on the obverse with the coat of arms of Palau, above REPUBLIC OF PALAU, below 5 $, and in the field to the left Gecko, 1 oz • Ag .999, 2018. The reverse is designed as a three-dimensional gecko. Background After […]